Wednesday, January 26, 2022 / by Blake Hollaway
What is Homestead Exemption?
According to LendingTree.com, a homestead exemption is a special provision in a state's tax laws that reduce property taxes you have to pay on your home.
The rules vary widely from state to state, but if you qualify for a homestead exemption, it means you will save money on your annual tax bill
How do I know if I qualify?
According to LendingTree.com, The homestead exemption in Florida allows homeowners to exempt up to $50,000 of the taxable value of their homes. The first $25,000 for non-school district taxes.
Homeowners who have properties valued between $50,000 to $75,000 can deduct up to another $25,000 for non-school property taxes only.
The state also exempts quadriplegic people and surviving spouses of first responders killed in the line of duty from all property taxes.
Here is an example from LendingTree.com:
If your home is worth $200,000, and your local property tax rate is 1% then you'd normally owe $2,000. But if the homestead exemption is $25,000, then you're taxed like your property is worth $175,000 - meaning you owe just $1,750.
How to get the Florida Homestead Exemption:
- Complete the form online and select the state's e-file option.
- Print the form, fill it out, and mail it in.
- Visit one of the state's 5 in-person service centers and complete the form there.